Fickle weather slows corn planting…again
Farmers across much of the Corn Belt are still waiting for a stretch of dry, warm weather to give their corn planting a boost.
On Monday, the USDA reported that corn planting across the United States has still failed to reach double digits. In the 18 top corn-producing states, just 5 percent of the corn has been planted.
That is 1 percentage point above last week’s report and 26 points behind the five-year average.
This year's pace ties for the slowest on record, tying with 1984.
By this time last year, when an early spring gave to an early start to corn planting, more than half of the nation’s corn had been planted.
Texas and North Carolina continue to reign the corn-producing states, reporting 69 percent and 78 percent of planted corn respectively. Overall, 7 states of the states reporting planting progress have fewer than 10 percent of corn planted.
Five states have yet to report any progress in planting corn.
It’s also no surprise that emerged corn is also behind the five-year average, reported at 2 percent. See the full “Crop Progress” report here.
With near- or at-freezing temperatures expected on the central and northern Plains and a week of rain chances, more delays could be also be reported next week.
One of the wettest springs is history propelled corn futures to their biggest gains in more than two years early Monday afternoon, according to Reuters.
"Sentiment has shifted from drought relief to the possibility of a major problem at the same time funds increased their net short position in corn. Significant amount of short-covering support to follow," said Ken Smithmier, analyst at the Hightower Report in Chicago.
Earlier this month, corn future sank to a 10-month low after the USDA said that farmers would plant the largest corn areas since 1933. Read more here.
By late Monday afternoon, U.S. corn futures jumped 6 percent, their biggest gains since July.
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